029 Group SE

Earnings Release • Mar 25, 2003

News Details

Ad-hoc | 25 March 2003 20:45

Rhein Biotech N.V. english

Rhein Biotech N.V. reports 2002 Full Year results Ad-hoc-announcement transmitted by DGAP. The issuer is solely responsible for the content of this announcement. ——————————————————————————– Maastricht, 25th March 2003 Rhein Biotech N.V. reports for the year 2002 gross sales of 73.0 million Euro. Compared to 2001, this expected decrease of 11.3% has the following major causes: – Ending the trade goods business in Korea end of Q3 – Weak dollar exchange rate and price pressure in the international markets – Delay in tender vaccine sales from December 2002 to early 2003 – Expected decrease in technology business. The gross margin on the hepatitis B sales remained stable at more than 70%, despite increasing price pressure on the international markets. COGS (cost of goods sold) increased, due to increased labour costs and depreciation, coming from the high investment levels of previous years. The restructuring of the company, goodwill impairments on the foreign subsidiaries and merger related expenses led to an EBITDA (earnings before interest, tax, depreciation and amortisation) of EUR -1.1 million, which is -1.5% (2001: EUR 15.2 million, which is 18.5%). Without the restructuring and merger impact, EBITDA is EUR 7.9 million, which is 10.9%. The financial full year net loss for 2002 is EUR -15.0 million (2001: EUR +6.8 million) Due to the bond issue in Korea and the export financing for the New Filling Line project in GreenCross Vaccine, cash position improved, despite strong investments in quality and production capacity. The cash position at the end of the year was EUR 32.3 million (2001: EUR 24.2 million) The second half year results 2002 of Rhein Biotech will be fully consolidated into the Berna Biotech results, to be published the 6th of May 2003. The merger by acquisition by Berna Biotech has been successfully implemented and was ended in Q4. All management positions are filled, and managerial structures are in place. end of ad-hoc-announcement (c)DGAP 25.03.2003 Issuer’s information/explanatory remarks concerning this ad-hoc-announcement: Rhein Biotech is now a member of the Berna Biotech Group, a leading player for innovation in vaccines. For further information Rhein Biotech N.V. Company Contact: Peter Westdijk Executive Vice President Investor Relations E: peter.westdijk@bernabiotech.com ——————————————————————————– WKN: 919544; ISIN: NL0000230324; Index: Listed: Geregelter Markt in Frankfurt (General Standard); Freiverkehr in Düsseldorf, Hamburg, Hannover, München und Stuttgart 252045 Mär 03